In a high-speed blender mix on low the balsamic, honey, Dijon, sea salt and pepper until well blended. Slowly stream in the olive oil and run the machine on low until completely blended. Add in the finely chopped cheddar and run the blender for 1 minute more or until it’s pulverized into tiny, blissful bites of cheddar. If it appears too thick, add water in 1 tablespoon increments to the desired consistency. You want it thicker than a vinaigrette, but not so thick it won’t drizzle off of your spoon.